Specialist modern cooking investment platform · Africa

Financing Africa’s transition to modern cooking.

Specialist financing for modern cooking, combining sector expertise,flexible capital, impact management and active portfolio support acrossAfrican markets.

Senior debt, quasi-equity, project finance and carbon pre-finance formodern cooking businesses and projects across sub-Saharan Africa.Carbon-market expertise and Technical Assistance complement the Fund'sinvestment approach.

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Specialization: Modern cooking finance
Geography: Sub-Saharan Africa
Instruments: Senior debt · Quasi-equity · Project finance · Carbon pre-finance
Investment manager: Enabling Qapital AG (Switzerland)

Track record

As of March 31, 2026

USD 67.0m
Deployed: 24
Cumulative investments: 21
Countries of operation: USD 358.4m
Additional financing raised by portfolio companies

Additional financing raised by portfolio companies is reported by thosecompanies and is not financing mobilized solely by Spark+.Portfolio-company metrics may reflect wider company operations and arenot necessarily attributable solely to Spark+.

02Why now

Three structural shifts converging now.

01 · Economics

New revenue streams are changing what can be financed.

Carbon revenues, concessional capital and results-based funding can improve affordability and support longer-dated financing across modern cooking business models. These structures remain subject to execution, methodology and market risks.

02 · Policy

Clean cooking has moved to the center of energy policy.

Governments are translating commitments into national targets, regulation and infrastructure programs, creating a stronger foundation for private investment. Implementation and pace vary meaningfully by country.

Since 2024, 121 new clean cooking policies have been introduced across more than 30 countries (IEA, Clean Cooking in Africa 2026).

03 · Security

Clean cooking is becoming critical energy infrastructure.

Fuel-price and supply shocks have exposed the vulnerability of household energy systems. Resilient storage, diversified fuel supply, expanded electricity access and stronger last-mile distribution are becoming strategic priorities for reliable household energy.

03Financing toolkit

A flexible financing toolkit, purpose-built for the cooking transition.

Spark+ provides senior debt, quasi-equity, project finance andcarbon pre-finance structured around the needs, cash flows andmaturity profiles of modern cooking businesses and projects acrosssub-Saharan Africa. Carbon markets can play a direct or indirectrole in financing portfolio-company growth and project deployment.

Read the Investment Strategy →

Current deployment mix

Senior debt~50%

Carbon pre-finance~30%

Quasi-equity~20%

Indicative mix based on Fund deployment to date. Not a forward-lookingallocation commitment.

Value chain coverage

Design

Manufacture

Import

Wholesale

Retail

Consumer finance

04Portfolio

24 cumulative investments across sub-Saharan Africa.

22 active · 2 realized. The map shows countries associated withSpark+ investments; portfolio companies operate across a wider21-country footprint.

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Spark+ investment geography

Africa

The map shows countries associated with Spark+ investments. Portfoliocompanies operate across a wider 21-country footprint.

05Impact

Measured outcomes. Impact embedded across the portfolio.

Spark+ integrates impact into investment selection, structuring andportfolio management. We track portfolio-company-reported outcomesacross climate, energy access and enterprise growth, while usingtargeted Technical Assistance to strengthen measurement andreporting over time.

32.7m
Individuals with clean cooking access: 6.5m
Clean cooking products sold: 1.6m
Customers with access to finance: 87%
Female among customers with access to finance

Figures are reported by portfolio companies through March 31, 2026 andmay reflect wider company operations rather than only activitiesfinanced by Spark+.

Infrastructure for LPG market transformation
NewGas
Senior debt to expand automated LPG cylinder filling and distribution in Ghana, displacing charcoal in low-income households.
Ghana · Senior debt
High-integrity Article 6.2 carbon project
Envirofit Carbon Holdings One
Carbon-linked project finance facility supporting improved-biomass cookstove deployment in Ghana under a high-integrity Article 6.2 pathway.
Ghana · Project finance
Expansion of manufacturing capacity and multi-country growth
BURN
Growth capital facility supporting expansion of biomass, LPG and electric cookstove manufacturing and distribution across sub-Saharan Africa.
Multi-country · Quasi-equity

07Platform capabilities

Four integrated capabilities across the Spark+ platform.

Investment structuring, carbon-market expertise and impact managementare integrated within the Fund’s investment approach. TechnicalAssistance is delivered through Stichting Modern Cooking as acomplementary capability supporting portfolio development.

01
Investment & Structuring
Senior debt, quasi-equity and project finance solutions structured around the needs, cash flows and maturity profiles of modern cooking businesses across sub-Saharan Africa.
02
Carbon Markets & Finance
Carbon-linked revenues and market risks integrated into underwriting, transaction structuring and portfolio management, including Article 6.2 and high-integrity voluntary-market pathways.
03
Impact & E&S Management
Impact and environmental and social considerations embedded across the investment cycle, with reporting on customer reach, energy access, emissions and other portfolio outcomes.
04
Technical Assistance
Delivered through Stichting Modern Cooking to strengthen governance, impact measurement, operations, carbon readiness and the institutional capacity of eligible portfolio companies.

The platform

Built as a long-term specialist platform.

Spark+ was designed by investment and energy-access specialists to buildand retain expertise in modern cooking finance over the long term.

Track record

USD 67.0m deployed across 24 investments spanning modern cooking technologies, business models and markets in sub-Saharan Africa.

Specialist capabilities

Investment structuring, carbon-market expertise, impact management and Technical Assistance developed through active portfolio engagement.

Platform development

A foundation for future investment strategies and institutional partnerships advancing the modern cooking transition.

Explore the Portfolio

08Leadership & institutions

The people and institutions behind Spark+.

Spark+ is led by two Fund Principals and supported by Enabling Qapital AGas investment manager and Stichting Modern Cooking as manager of theTechnical Assistance Facility.

Xavier Pierluca
- Fund Principal · Spark+
- Co-Founder and Managing Partner · Enabling Qapital
Impact investing specialist with nearly 25 years of experience structuring and managing debt and equity funds across developing markets, including energy access and financial inclusion.
Peter George
- Fund Principal · Spark+
- Chairman · Stichting Modern Cooking
Originator of Spark+ with 20 years of energy-finance experience across developed- and emerging-market investment banking, private equity and private debt, project finance and carbon markets.
Enabling Qapital AG
- Investment manager · Switzerland
Enabling Qapital AG serves as investment manager to Spark+ Africa Fund. Its executive team brings a long track record in financial inclusion and impact debt across emerging markets.
Stichting Modern Cooking
- Technical Assistance Facility manager · Netherlands
Dutch foundation managing the Spark+ Technical Assistance Facility and supporting portfolio companies through targeted work on governance, impact measurement, financial management, operations and carbon readiness.

09Resources

Background reading.

Background reading on clean cooking, the Spark+ platform, impactmethodology and carbon markets.

10Engage with Spark+

Institutional investors

Enquiries from institutional investors and financing partners interested in Spark+ and its investment strategies.

Investor enquiries →

Investment opportunities

Enquiries from modern cooking and household-energy businesses, and relevant financial intermediaries, seeking growth capital.

Investment enquiries →

Partnerships

Co-financing, carbon-market, Technical Assistance and other strategic partnership enquiries.

Partnership enquiries →

Media & events

Media, speaking, conference and other public-engagement enquiries.

Media enquiries →

Financing Africa’s transition to modern cooking.

Three structural shifts converging now.

New revenue streams are changing what can be financed.

Clean cooking has moved to the center of energy policy.

Clean cooking is becoming critical energy infrastructure.

A flexible financing toolkit, purpose-built for the cooking transition.

24 cumulative investments across sub-Saharan Africa.

Measured outcomes. Impact embedded across the portfolio.

NewGas

Envirofit Carbon Holdings One

BURN

Four integrated capabilities across the Spark+ platform.

Investment & Structuring

Carbon Markets & Finance

Impact & E&S Management

Technical Assistance

Built as a long-term specialist platform.

The people and institutions behind Spark+.

Background reading.

Spark+ Africa Fund: Theory of Change

Clean Cooking in Africa 2026

Transformative Capital: The Role of Blended Finance in Shaping the Trajectories of Gender- and Climate-Focused Impact Funds in Sub-Saharan Africa

Clean Cooking Industry Snapshot – June 2026